MCU14/0028 Appendix 2 EnvProtAct 1994

Environmental Protection Act 1994
Chapter 13 Savings, transitional and related provisions
Part 2 Transitional provisions for Environmental Protection and Other Legislation
Amendment Act 2000
[s 616I]

                 Note—
                   If subsection (1) is not complied with, the transitional authority (SAA)
                   ends. See section 616M.
           (2)   To remove any doubt, it is declared that the transfer of a
                 transitional authority (SAA) to a wholly-owned subsidiary of
                 the holder of the authority within the meaning of the
                 Corporations Act does not constitute compliance with the
                 obligation under subsection (1).

616I       Financial assurance for transitional authority (SAA)
           (1)   This section applies if, under the Mineral Resources Act or a
                 special agreement Act, security has been deposited, lodged or
                 required in relation to a relevant mining lease for a transitional
                 authority (SAA).
           (2)   A condition is taken to have been imposed, under section 364,
                 on the authority that the authority holder must give the
                 administering authority financial assurance for each relevant
                 mining lease.
           (3)   If the security has been deposited under the Mineral
                 Resources Act or a special agreement Act for a relevant
                 mining lease, the requirement under the condition to give the
                 financial assurance is taken to have been complied with for
                 the lease—
                 (a)   from the time the whole amount of the security has been
                       deposited; and
                 (b)   until the plan of operations for the lease is amended or
                       replaced under section 235.
           (4)   The financial assurance required under the condition is taken
                 to be security for the matters mentioned in section 364(1)(a)
                 and (b) in relation to the authority.
           (5)   Subsection (4) applies despite the Mineral Resources Act or
                 the terms of an instrument granting the security or other
                 document, including, for example, a term that the security or
                 its benefit is not transferable.
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